Comcast and the team would reportedly guarantee a 25-year lease on any new arena for the Kings, who have been owned by the Maloof family since 1996. The franchise, which has played its games in Sacramento since 1985, have been eyeing relocation options after multiple attempts to build a new arena in California's capital failed.

The most recent one, a proposed arena and entertainment complex costing nearly $400 million, led to a nasty falling out between the team's owners and Sacramento mayor Kevin Johnson.

The Kings are one of the NBA's most transient franchises, having called five different cities home since entering the league as the Rochester Royals in 1945. Since then, the team has played its home games in Cincinnati, Kansas City and Omaha before settling in Northern California.